Bonds

Commercial, Peformance, Bid, Payment, and Indemnity

Bonds may not exactly count as insurance, but in most cases they provide a degree of assurance. In some industries, they serve as a necessary means of backing up your obligations to the people who hire you. In other instances, they serve to protect your business from the actions of duplicitous employees, contractors, or subcontractors. 

Types of Bonds We Can Provide

There are many different types of bonds. The first bonds to explore are contract bonds. There are essentially three different types of contract bonds that Wagoner Insurance handles on a regular basis.


Contract Bonds

  • Performance Bonds - Sometimes referred to as a contract bond, the performance bond serves as surety that the terms of a contract will be fulfilled on time.
  • Bid Bonds - According to the terms of the contract upon the winning of the bid, these bonds offer a guarantee that work will begin.
  • Payment Bonds - This particular bond offers assurances that the main contractor will dispense appropriate payments to all subcontractors and vendors. The purpose of bonds is take some of the risk or uncertainty away for project owners when contracting help. However, these are not the only types of bonds available through Wagoner Insurance.

 

The purpose of bonds is take some of the risk or uncertainty away for project owners when contracting help. However, these are not the only types of bonds available through Wagoner Insurance.


Other bonds we offer that apply to business include the following:

  • Indemnity Bonds - Indemnity bonds provide assurances that the project will end as scheduled. If the project is not delivered on time and as promised, then the contractor has promised to indemnify the purchaser against losses stemming from the failure to deliver by the prescribed deadline.

Are Bonds Necessary for Businesses?

Some individuals, businesses or organizations will never have a need for a bond. Others will use them on a regular basis.  Bonds are tools for establishing credibility and provide the individual, business or organization with added protection to make sure that construction projects go according to plan, individuals follow the stipulations set forth in the will or document and businesses or organizations have financial protection for their assets.


Additionally, insurance bonds serve as added incentive for you to meet deadlines, achieve goals, and avoid shortcuts that could place the project in jeopardy.

Why Choose Wagoner Insurance for Your Bond Needs?

Wagoner Insurance has been a force in the field of insurance & bonds for more than 40 years.  We take pride in our attention to detail and dedication to protecting the people who trust their homes and businesses to us.


Contact us today at (910) 327-2218 to learn more about bonds and what they can mean for you, your business or your organization. Our highly trained, friendly agents will walk you through the bond process and help you determine what is right for you.  No matter what your Bond situation is Wagoner Insurance can provide you with coverage you need.